Digital Insurance

Consumers have embraced—and now fully expect—digital interactions. It’s how they want to do business. Insurers cannot ignore the digital opportunities they face today, but how do they approach digital transformation?

It’s not about a hot new mobile device or the latest app. It’s about using technology in innovative ways to achieve true customer focus across the entire organization. But every insurer is different and digital transformation is a process—not an event.

Because insurance customers are focused on digital modes of interaction, insurers must zero in on digital go-to-market techniques in order to attract them. Further, they must digitally reengineer their own internal operating models and embrace new technologies in order to attract new digital consumers—and retain the best talent.

Here is our latest thinking on the most important digital topics disrupting the insurance industry. From insurtech to digital operations, today’s insurers must win customers by facing the challenge of digital transformation with the right set of tools, the right partners, and the right mindset.

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Customers are asking for simpler products and processes, as well as easier access to their insurance company. Digitization can be a large part of the answer. Christopher Freese explains how BCG works with companies to start their digitization journey—and brings a quick uplift to customer satisfaction.

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The biggest risk for an incumbent carrier is not the next insurtech startup. It’s the competitor that partners effectively with that startup, harnessing the innovative firm’s tools and techniques to augment and accelerate the carrier’s digitization initiatives. The most innovative carriers today are forging insurtech partnerships and learning from leaders in China.

Insurers are competing for new digital-native customers. To do so, they have to disrupt the status quo with new digital products and businesses that reinvent conventional insurance offerings. Digital innovation is key to winning customers and create new revenue streams.

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